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22WC-1095: S Corporations: Qualification, Election and Termination (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Friday, January 20, 2023
Time 10:00am - 12:00pm
Central Time
Location Online
CPE credits CPE 2.0
Field(s)
of study
Taxes - Technical (2.0)
Fees
Standard Member Fee $79.00
Standard Nonmember Fee $109.00

Description

The use of an S Corporation election can dramatically affect the tax consequences of owning a corporate business. Focus on the requirements that must be satisfied and the process necessary to make this tax election. Once the election is made, it can be voluntarily or involuntarily be terminated. Discuss possible relief for inadvertent terminations. Where termination is voluntary, tax planning opportunities will be identified and explained.

Who should take this program?

CPAs and attorneys.

Major subjects

  • Qualified shareholder requirement
  • Trusts as shareholders
  • Estates as shareholders
  • Qualified tax-exempt shareholders
  • Tax planning ideas to accommodate economic investments by disqualified investors
  • Special rules for counting the number of shareholders
  • One class of stock requirement
  • Indirect preferences creating a risk of failing one class of stock requirement
  • Disqualified corporations
  • Making an effective S Corporation election
  • Relief for late or defective elections
  • Inadvertent termination relief for involuntary terminations
  • Reasons for involuntary termination
  • How to voluntarily revoke an S Corporation election
  • Why voluntarily revoke an S Corporation election
  • Tax planning related to a planned termination.
  • Re-election after termination

Learning objective(s)

  • Identify and discuss the requirements that must be satisfied to make the S Corporation election.
  • Recognize complications related to having trusted, estates, tax-exempt and ESOP shareholders.
  • Review and application of the one class of stock requirement to accomplish continued qualification.
  • Determine tax planning ideas to accommodate economic participation by disqualified investors.
  • Identify the process that must be followed to make the election, including when the election must be made and the consequences of a defective election.
  • Recognize tax planning opportunities related to voluntary termination.
  • Identify the possible application of the inadvertent termination rule to avoid an unplanned termination.
  • Recognize limitation on re-electing after a termination.

Notes:

Course code Code 22WC-1095
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Level Overview
Format Group Internet Based
Prerequisites Prereq. Understanding the basics of taxation of corporations, S Corporations and partnerships.
Advance
prep
None

If you have questions about this event, please call us at 952-831-2707.

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